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Business Travel Accident Insurance Market 2023 : By Technology, Application, Trends And Forecast 2032 | Starr International Company Inc., Zurich Insurance Group Limited, AXA SA, Chubb Corporation, Tokio Marine Holdings Inc.
Business Travel Accident Insurance Market Growth
The Business Research Company's Business Travel Accident Insurance Global Market Report 2023 identifies surge in business travel as the major driver for the Business Travel Accident Insurance market's growth in the forecast period. As the pandemic gets better, business travel is booming. Business travel accident insurance aids in traveling, as it insures the travelers against any losses that may occur at the time of travel. For instance, according to a US-based business travel and meetings trade organization, the Global Business Travel Association (GBTA), in its August 2022 Business Travel Recovery report, the percentage of business travel had climbed to 86%, up from 73% in the GBTA's February report.
The global business travel accident insurance market size is expected to grow from $4.95 billion in 2022 to $6.03 billion in 2023 at a compound annual growth rate (CAGR) of 21.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The business travel accident insurance market size is expected to grow to $13.47 billion in 2027 at a CAGR of 22.2%.
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Major competitors in the Business Travel Accident Insurance market are The Hartford Financial Services Group Inc., Tata AIG General Insurance Company Limited, Starr International Company Inc., Zurich Insurance Group Limited, AXA SA, American International Group Inc., Chubb Corporation, Tokio Marine Holdings Inc., Woodward Markwell Insurance Brokers Limited, Assicurazioni Generali SPA, MetLife Services and Solutions LLC, Nationwide Mutual Insurance Company, and AWP Australia Pty Limited.
A key trend in the Business Travel Accident Insurance market includes Collaboration. Companies are entering into strategic partnerships with business travel accident insurance providers to leverage each other's resources and enter a new market. For instance, in July 2021, Ahlibank, a Qatar-based private banking company, entered into a partnership with Dhofar Insurance Company. Through this partnership, Ahlibank will expand its range of insurance options, including comprehensive family and home insurance policies with long-term plans. The collaboration with Dhofar Insurance will shield people and their assets from monetary risks brought on by many potential risks and any unfavorable occurrence. Dhofar Insurance Company is an Oman-based insurance service provider.
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The Business Travel Accident Insurance market is segmented -
By Type: Single Trip Coverage, Annual Multi-Trip Coverage, Other Types
By Distribution Channels Type: Insurance Company, Insurance Broker, Banks, Insurance Aggregators, Other Distribution Channels
End User Type: Corporations, Government, International Travelers, Employees
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the Business Travel Accident Insurance market.
The Business Research Company's "Global Business Travel Accident Insurance Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Business Travel Accident Insurance Market Include:
1. Executive Summary
2. Business Travel Accident Insurance Market Characteristics
3. Business Travel Accident Insurance Market Trends And Strategies
4. Business Travel Accident Insurance Market - Macro Economic Scenario
5. Business Travel Accident Insurance Market Size And Growth
……
26. Africa Business Travel Accident Insurance Market
27. Business Travel Accident Insurance Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Business Travel Accident Insurance Market
29. Business Travel Accident Insurance Market Future Outlook and Potential Analysis
30. Appendix
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